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Heritage receives green light for Bahrain platform
London-based captives and mutual manager Heritage has received the green light to establish Heritage Insurance Management (Bahrain) WLL (HIMB) on the Persian Gulf island kingdom Bahrain.
25 November 2008
Howden to take Benfield US wholesale unit
Private equity backed insurance group Hyperion is poised to take on Benfield Corporate Risk's (BCR) US wholesale property/casualty unit to its broking arm Howden, The Insurance Insider can reveal.
25 November 2008
Willis develops London wholesale specialty 'mall'
Faber & Dumas, Willis' newly created specialty platform, has become one of London's largest wholesale brokers with the migration of three new businesses alongside Glencairn Ltd.
24 November 2008
Somalian piracy will fuel rate rises
Recently intensified levels of piracy around the notoriously volatile seas off the East Coast of Africa look set to hike marine and kidnap and ransom insurance rates to cover the increased risk to merchant vessels of all sizes sailing through the area.
24 November 2008
California wildfires to cost up to $800mn
Catastrophe risk modeling firm AIR Worldwide estimates that total insured losses from the Triangle Complex, Sayre and Tea Fires in Southern California will now likely range between $600mn and $800mn.
24 November 2008
New York u-turn on CDS regulation
Eric Dinallo, superintendent of the New York Insurance Department, has reversed plans for the state to regulate credit default swaps (CDS) that it considers insurance.
24 November 2008
Rivals wait to feed at Aon Benfield feast
The £844mn Aon Benfield deal completes this week but that will not stop rival firms circling to see whether they can pick out any attractive morsels from the reinsurance broking giant.
24 November 2008
Solvency II struggle continues with removal of key component
All reference to group support and group supervision has been cut from the text of the draft Solvency II Framework Directive to be submitted for approval by the European Union Council of Economic and Finance Ministers (EUCEFM) on 2 December.
24 November 2008
PRO becomes Lloyd’s run-off broker
Run-off provider PRO Insurance Solutions has become an accredited Lloyd’s run-off broker, gaining full access to the London market accounting and settlement systems.
24 November 2008
AWAC to draw down $250mn
Bermudian (re)insurer Allied World Assurance Company Holdings Ltd (AWAC) plans to borrow $250mn from a $400mn revolving credit facility.
24 November 2008
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